Litecoin Technical Analysis for 12/11/2015 – Pressure Building Up in the Market

Litecoin has been having a hard time breaking above $3.75 since the end of November. This area has acted as resistance about four different times in the past two weeks. So why is the market having such a hard time breaking out here?


A quick look at the chart from the start of November reveals some important details. The $3.70 area acted as support about four times towards the end of October and into the start of November. Price plunged under $3.70 on the 5th of November under very heavy volume, and this price level then turned into resistance. Litecoin traded well below the $3.70 pivot area for most of November, but this pivot is now acting as a major barrier once again.


There is also a clearly visible ascending triangle formation on the 1h/2h charts, which suggests that pressure is building up in the market. A similar pattern occurred on Bitcoin a few days ago that resulted in a very explosive breakout. Will Litecoin explode upwards in a similar fashion? I guess we’ll find out.




Disclaimer:  This is not trading/investment advice!

Image Source: 1

Chart Source:

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

No Responses

  1. Pingback: where to buy psilocybin denver​ September 11, 2023
  2. Pingback: แทงหวยออนไลน์ October 30, 2023
  3. Pingback: สมัคร yehyeh December 31, 2023
  4. Pingback: Study Medicine in Nigeria March 16, 2024
  5. Pingback: racitoare aer March 19, 2024